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The growing importance of innovations in the economy has turned them into a more important factor in production and consumption, structural changes, economic dynamics, competitiveness, and social development. This has gained a paradigm importance and has led to the emergence of an innovative model of economic development, the peculiarities of which being the topic that the article is concerned with. Taking into account the dependence of innovations on the generation and dissemination of new knowledge, the article emphasizes the critical importance of the productivity of science and the quality of education. This is confirmed by global trends and finds a manifestation in the development strategies of the countries and companies. In this context, a modern understanding of innovations and the basis of their emergence, which is connected with knowledge and creativity, has been closer defined. The authors characterize the main features of innovation, in particular: cumulativeness, chain character, integration of practical and theoretical knowledge, duration of «maturation» and emergence of innovation, uncertainty, collectivity, uneven appearance in time and concentration in space, propensity towards conflict. A vision of the process of developing innovations by stages covered by system management is proposed. The main models of emergence of innovation together with the model of innovation process (the model of extraction through demand (market); the model of «needs seekers»; the model of «readers of market information»; the model of technological nudging; the cyclical model of innovations; the model of open innovations; the chain and interactive model of innovation process; the innovative model of «funnel»; the network model of innovation) are described. A number of features of the innovative model of economic development are allocated: recognition of innovation as the most important factor of economic growth; constant interaction of production, science and market, focused on the development of innovations; defining role of human capital; structural changes in the system of social production; domination of the innovative nature of competition in the modern economy; development of innovative entrepreneurship. On the basis of the formation of an innovative model of development, the growing role of science and education, the modern economy is characterized as an economy of knowledge; the main points of its concept are considered. An increase in the influence of education in the innovation model of the economy in terms of generating and disseminating new knowledge in order to intensify innovation is substantiated.

Features of the Innovative Model of Economic Development and the Growing Role of Education Therein